Applied Materials (AMAT) falls 2.9% amid ongoing analyst day on FY24 EPS Outlook 'Miss'

April 6, 2021 1:08 PM EDT
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Price: $134.14 -0.71%

Rating Summary:
    27 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 31
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(Updated - April 6, 2021 1:19 PM EDT)

Applied Materials (NASDAQ: AMAT) falls 2.9% amid ongoing analyst day:

Lynx Equity Strategies analysts KC Rajkumar, Jahanara Nissar note:

  • CFO provided FY24 EPS outlook $8.5 vs. Street expectation ~$10. This is a miss
  • Also FY24 WFE was guided to high-end of $100B, below Street expectation of mid-point $100B

Their view:

  • We expect AMAT to pare down some of the recent gains
  • As we wrote this AM, we’d be buyers of LRCX and expect Lam to close the recent ~20pp outperformance by AMAT

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